A 54 year-old former controller has been sentenced to 24 months in federal prison followed by 3 years of probation for embezzling nearly $200,000.
The Pittsburg resident worked at a family owned packaging company located in Export, Pennsylvania between December 2012 and December 2017. According to court documents, the former controller took the money by issuing 189 fraudulent credit card refunds to both herself and her husband. She then provided the company’s owners with false financial statements in order to conceal her crime.
The total amount the former controller pocketed was $195,063.80. The fraud significantly impacted the company resulting in its failure according to Acting United States Attorney Stephen R. Kaufman.
To read the full article click here.
Prevent This From Happening To YOU!
According to the Association of Certified Fraud Examiners 2020 Report to the Nations, listed below are the top four internal controls that can help with reducing fraud losses and can assist with improving detection:
- A robust code of conduct
- A strong internal audit department
- Management certifications of financial statements
- Management reviews of internal controls, processes, accounts or transactions
For more information from the Association of Certified Fraud Examiners (ACFE) click here.
Make Sure Your Clients Take a Proactive Approach To Protecting Their Business Should a Loss Occur
Make sure your clients have crime insurance. Take the steps to ensure that your clients are covered by calling one of the Berkley Crime team members listed below.
Experts focused on your protection. We deliver.
|National Practice Leader|
|East Regional Manager/Commercial Crime Product Leader|
|Financial Institution Product Leader|
|West Regional Manager|
|Renewal Team Leader|